current scenario: automobile industry, especially in the United States, is in a downward spiral just fine, and no one has a clue what's in store for the industry. At the same trend observed in other parts of the world, including Japan. With the biggest names in the automotive world like GM, yes, GM, Toyota bleed non-stop, it is a guess when this venerables automakers can hold out against the market elements.
it's time for bargains: for consumers, however, especially those on the lookout for a good deal, and many of the deals that have to be made for asking! This may be the best time to hit any iron to buy a car! There is not any number of financing options available to achieve this dream car for you in the garage
Islamic option: In this article, we should take a look at Islamic finance option to buy a car. And it is financing the purchase of cars under Islamic banking under contract "Murabaha". Simply speaking, this is a cost-plus-profit programmed decade.
Usually, the Islamic bank or financial institution will have certain criteria to assess your eligibility creditworthiness own to get a car loan, taking into account your income, whether from salary, or business of any profession, and other sources. Monthly expenses, regular payments, etc., and finally your net income.
Now, suppose that after going through the above process, the bank gives you the good news that you actually qualify for a car loan than $ 25,000.00 that you've asked for, to buy your dream machine. The next step will be to work on a programmed profit from the bank on the loan amount. Let's assume that this works out to US $ 5,000.00. This means that the total cost of the transaction, for you, is US $ 30,000.00. Of course, the bank may be taken profits programmed while calculating the amount of your eligibility for a loan to buy a car. The other difference in the above case is that the car cost US $ 20,000.00 and a sign of a profit of up to $ 5,000.00 or less, as the case may be.
Apart from the above and other details need to be resolved include:
- Advance: Some banks will require you to provide a down payment for the car that will increase your share in the car of your dreams, as well as bring down the amount / number of premiums paid by you
- payment : the loan amount, as well as programmed profits, put together, would be divided into an equal number of installments, and approved by, for example, 60 or 72 as the case may be, you will be required to pay for itself in time schedule. Some banks offer stop to repay, and that means it allows you to start repayment after, say, after two or three months disbursement of the loan. Some other banks also offered to redraft the premiums after the partial repayment of the loan. Say you and repay in 12 installments. Bank and then worked out a new EMI on the remainder of the loan amount remaining after payment of 12 installments. Upon full payment of the loan, your car really becomes you!
- Extras: in an increasingly competitive environment that the banking industry works, it is not uncommon to get some additions with your car loan - zero balance, free account / insurance concessional car's, free services Advisory regarding auto loans, as well as other services on offer from the bank, etc. Do feasibility for free!
- delivery: Assuming that you've already identified your child, this is the car of your dreams, the place where you want to buy in, it is now the role of the bank to buy a car from a dealer on your behalf, and have it delivered to you!
Go on and enjoy your drive! Of course, there are no free lunches. Please do your due diligence before deciding to take a loan. And do not forget that the seat belt! Driving happy!
0 Komentar